Thursday, September 09, 2010

New Hampshire Issues Timeshare Resale Warning

In an article featured on Fosters.com, Attorney General Michael A. Delaney issued a warning to New Hampshire consumers regarding timeshare resales. Timeshare owners need to protect themselves and exercise caution when attempting to sell their timeshare using a real estate brokers, agents or a company that claims to specialize in reselling timeshares.

Whether you live in New Hampshire or not, these tips and suggestions can be helpful for any timeshare owner looking to resell timeshares:
  1. Don’t agree to anything over the phone and get all information in writing.

  2. Be wary of the sales pitch, “Our office is overwhelmed with calls looking to buy timeshares!”

  3. Inquire as to how they plan to advertise and promote the timeshare for sale and how often they will provide a status of their progress.

  4. Have a good understanding of the fees required and how long they estimate it will take to sell. (You should prefer if they take their fee after the unit is sold and if they do require money up front, ask about refunds and get the policy in writing.

  5. Contact the Attorney General's office (www.naag.ord) in the state where the reseller is located to see if there are any complaints on file.

  6. Ask if the agent is licensed to sell real estate in the State that the timeshare is located in and be sure to verify that with the state real estate commission in that state.

  7. Always check out the resale company or agent to validate their credentials before agreeing or signing anything and get referrals from satisfied customers.

  8. If you are having trouble finding information on the broker or service company, contact the Better Business Bureau (www.bbb.org)
If you have owned your timeshare for less than five years, you should not expect to recoup the purchase price. Your resale price should be based on the location and week of your unit, as well as current market demand.

For more information on protecting yourself during the timeshare resale process, call the Attorney General's Consumer Protection Bureau for your State.

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